What funding support is available for businesses
We want to make sure every single business knows where to go right now to help them through the challenges caused by coronavirus. We might not be able to advise but we can point you in the right direction.
- The Coronavirus job retention scheme that will cover 80% of furloughed worker’s income up to £2,500 a month.
- The £330bn of support announced by the chancellor will be made available through banks. Speak to your bank or lending provider about access to the scheme.
- The business interruption loan scheme is a loan up to £5m interest-free for 12 months to help businesses with the impact of Covid-19. This is accessed through the British Business Bank.
- The grants for smaller businesses of up to £10k will be channelled through local authorities. If you think you may need this support, speak to your local authority.
- UK registered businesses can apply for a share of up to £20 million grant for innovation in response to new and urgent needs as a result of the Covid-19 pandemic.
- Business rates are cut and will automatically be applied.
- Most banks have launched a working capital support facility so speak to them if you need this.
- VAT payments are delayed for 3 months.
- Cash grants of up to £25,000 for the retail, hospitality and leisure businesses. Your local authority will write to you if you are eligible.
- Don’t forget the long-standing R&D tax credit scheme which could provide a cash injection
The financial benefit of claiming R&D tax credits, more important now than ever
If you are a company who can take the R&D tax benefit as cash, it will be a vital cash injection so making a claim is more important than ever.
Businesses and Accountants will be spinning many plates in the coming months so making sure you have other advisors around to lighten the load is crucial.
HMRC will continue to pay out tax credits even if you have delayed payments to HMRC due to Covid-19. Now is the time to be proactive and get ahead by starting the claim processes as soon as you can. We will make this processes as smooth as possible and will minimise the time you need to spend on this – leave it to us and you can focus on steering the ship.
R&D activity helps to protect jobs across the company. 80% of R&D tax claims are made up of people’s time so if you have resources that cannot be utilised in the normal way, think about if they can be deployed into development roles to help when the tide eventually turns. A percentage of these costs will be able to be reclaimed through R&D tax relief.
Should any companies need the cash sooner, there are R&D tax short term loan options available. We work with Rocking Horse Group and can facilitate the introduction should this be an option you wish to explore.
UK’s innovative companies answering the call
In the face of adversity, the entrepreneurial British spirit cannot be kept quiet and innovation shines through. From cutting edge medical research to find a vaccine, through to changing production lines to deliver what Britain needs right now.
This pandemic is moving at an unprecedented rate but we will stay ahead and beat it thanks to common sense and innovation and it’s our privilege to champion and take pride in the work of our fellow UK businesses.
And we will stand shoulder to shoulder with you
Now is the time to do as much as possible for each other and as a SME working with hundreds of companies across the UK we will do everything we can to support. We will get the R&D tax credits sorted and work around client priorities, we will change our payment terms to help others with cashflow issues, we will listen to our clients and adapt with them, our terms will flex with those that need it the most and we will survive together.
Our incredible team have moved to 100% remote working and have not slowed down for a second. We are ready to continue to deliver for our clients when we know that right now, doing what we do is more important to our clients than ever before.
We won’t be able to come and see our clients in this period but we will still use our experience and knowledge to capture as much qualifying activity as possible. Working remotely is not new to us and we have the experience and team to manage your claim regardless. If there is still more to get by coming to visit you, we will know that, and come back when we are allowed to find and recognise that value for you.
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Latest thinking Covid-19 updates
Posted on Monday 6 April 2020
On Friday 3 April the government announced that Innovate UK, part of UK Research and Innovation, will invest up to £20 million in the funding of innovation projects that respond > Read more
Posted on Friday 3 April 2020
GovGrant, like many SMEs, is doing everything we can to share, support and advise UK companies at this time Yesterday we received an email update from HMRC specifically on R&D > Read more
Innovation distinguishes between a leader and a follower.